Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535865 times)

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2580 on: January 04, 2021, 04:37:43 PM »
Exciting. Will it make a difference whether someone got a PPP in a previous round or with which lender?
The rules are different for those who got vs those who are getting now for the first time.

Regarding going with your first-round bank you can check once applications open if they are using whatever info they already have and are only asking for whatever else is needed now, or if they'll make you start from scratch anyway.

Offline iluv2travel

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2581 on: January 04, 2021, 05:06:08 PM »
The rules are different for those who got vs those who are getting now for the first time.

Regarding going with your first-round bank you can check once applications open if they are using whatever info they already have and are only asking for whatever else is needed now, or if they'll make you start from scratch anyway.

When are applications opening?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2582 on: January 04, 2021, 05:35:43 PM »
When are applications opening?
Should be sometime this week.

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2583 on: January 04, 2021, 10:11:54 PM »
I found a post online about someone in a similar situation in round 1 who got a loan for his S Corp based on his 2019 Schedule C. Very possible that it was a bank oversight somehow though...
https://proconnect.intuit.com/community/tax-talk/discussion/ppp-change-of-business-entity/00/100122
What about simply applying as a sole prop?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2584 on: January 04, 2021, 10:19:00 PM »
What about simply applying as a sole prop?
Is your sole prop "in operation"?

Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2585 on: January 04, 2021, 11:06:03 PM »
Can you explain what it is included in gross receipts.
For example, is a ppp loan considered gross receipts?

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2586 on: January 04, 2021, 11:23:39 PM »
Is your sole prop "in operation"?
Right, I figured that's the issue here. Just a shame that there's no coverage for businesses that restructured after February. It's a bigger shame that I didn't open my entity before February, as it was already on my to-do list back then.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2587 on: January 04, 2021, 11:25:08 PM »
Can you explain what it is included in gross receipts.
For example, is a ppp loan considered gross receipts?
Waiting for guidance but no, PPP should not be considered "gross receipts" (loans never are).

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2588 on: January 04, 2021, 11:25:57 PM »
Right, I figured that's the issue here. Just a shame that there's no coverage for businesses that restructured after February. It's a bigger shame that I didn't open my entity before February, as it was already on my to-do list back then.
A bank that offers personalized service might be able to help with this. I'll try to find out more for you.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2590 on: January 05, 2021, 08:41:53 PM »
7a is back


https://www.inquirer.com/business/small-business/stimulus-ppp-loan-sba-debt-savings-restaurants-hotels-20210105.html
Did anyone apply and was approved for a microloan after the first round with  less than a 6 year maturity?

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2591 on: January 06, 2021, 09:10:30 AM »
What changed in regards to commission that every shul school & others are sending out links to sign up for ppp through them?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2592 on: January 06, 2021, 09:37:11 AM »
What changed in regards to commission that every shul school & others are sending out links to sign up for ppp through them?

Eastern Union teamed up with Torah Umesora to offer 20% of Eastern Union’s commission (the part they get from the PPP lender they’re affiliated with) to any school that refers to them.
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Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2593 on: January 06, 2021, 01:38:17 PM »
Seems there are others outside of EU also offering to share commissions... did 2nd round commissions go up, or just pressure from EU?
Wonder if large PPP borrowers can negotiate a share of the commission themself (have their cake and eat it too :) )

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2594 on: January 06, 2021, 01:40:27 PM »
Eastern Union teamed up with Torah Umesora to offer 20% of Eastern Union’s commission (the part they get from the PPP lender they’re affiliated with) to any school that refers to them.
Seems they're willing to share the commissions with more than just schools. Their employees have their own link. I've seen other small business in town with their own link.
They're clearly trying to take a large share of the PPP market, and it may very possibly work well.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2595 on: January 06, 2021, 01:52:41 PM »
Seems there are others outside of EU also offering to share commissions... did 2nd round commissions go up, or just pressure from EU?
Wonder if large PPP borrowers can negotiate a share of the commission themself (have their cake and eat it too :) )

Indeed, apparently commissions went up. Commissions for larger loans are a smaller percentage of the loan amount, and might be capped, but it’s probably still significant.

Is it even legal for the lender to share their commission with you? If it is, please let me know where I can get in on this as it effectively means more PPP money for using that lender.
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2596 on: January 06, 2021, 02:02:17 PM »
Indeed, apparently commissions went up. Commissions for larger loans are a smaller percentage of the loan amount, and might be capped, but it’s probably still significant.

Is it even legal for the lender to share their commission with you? If it is, please let me know where I can get in on this as it effectively means more PPP money for using that lender.

This is what banks were/are getting:
In the CARES Act:
A .5% fee on loans below $350,000.00
A .3% fee on loans between $350,001.00 and $2,000,000.00
A 1% fee on loans between $2,000,001.00 and higher

In the Response and Relief Package:
A 50% fee on loans below $50,000.00 (capped at $2,500)
A 5% fee on loans between $50,001.00 and $350,000.00
A 3% fee on loans between $350,001.00 and $2,000,000.00

CRAZY increase.

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2597 on: January 06, 2021, 02:12:04 PM »
This is what banks were/are getting:
In the CARES Act:
A .5% fee on loans below $350,000.00
A .3% fee on loans between $350,001.00 and $2,000,000.00
A 1% fee on loans between $2,000,001.00 and higher

In the Response and Relief Package:
A 50% fee on loans below $50,000.00 (capped at $2,500)
A 5% fee on loans between $50,001.00 and $350,000.00
A 3% fee on loans between $350,001.00 and $2,000,000.00

CRAZY increase.

Where is your link? I'd love for you to make the $2,500 on me after all the Chesed you've done here!!!

Online zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2598 on: January 06, 2021, 02:14:02 PM »
Where is your link? I'd love for you to make the $2,500 on me after all the Chesed you've done here!!!

Same but pretty sure she gets a percentage of what the bank is getting not all of it.

Offline est

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2599 on: January 06, 2021, 02:20:44 PM »
There is crazy money to be made here for the lenders! More than enough to share a percentage to get the account!
I’m surprised they’re not advertising even more!!
@cgr I’m waiting for your link...glad to give you the commission;)